This bill proposes significant changes to the income tax credit framework in Kansas, focusing on the repeal of several existing tax credits while extending others. It aims to repeal tax credits related to abandoned well plugging, agritourism liability insurance, alternative fuel, and assistive technology contributions, among others. The bill extends the income tax credit for angel investors and aviation-related employment, while also providing expanded options for tax credit transfers and wage requirements for rural businesses under the high performance tax credit program. Additionally, it establishes criteria for qualifying costs related to agritourism activities and limits the availability of new credits to corporate taxpayers for tax years 2013 through 2025.

Moreover, the bill introduces new provisions for tax credits related to regional foundations, allowing taxpayers to receive credits for contributions made between 2005 and 2026, with specific requirements for fund allocation and administrative costs. It also amends existing laws to create a one-time tax credit for businesses investing in qualified facilities and introduces tax credits for individuals making accessibility improvements to their properties. The legislation includes a tax deduction for the amortization of costs related to carbon dioxide capture and repeals numerous existing statutes to streamline the legal framework governing these incentives. Overall, the bill aims to align tax credit incentives with current economic needs while establishing clear guidelines for eligibility and transferability.

Statutes affected:
As introduced: 79-32, 32-1438, 40-2246, 65-7107, 74-50, 74-8133, 79-229